Right now I keep the keys. It's the only safe way right now.
If ever this area will get regulated and insured, I may switch to 3rd party, because my wife and children don't have to be tech oriented to get the benefit.
Right now, if something happens to my brain, the coins will be lost.
Topic: Do you trust yourself to manage your own private keys? - page 6. (Read 6924 times)
I trust myself. After all my daily job is a Network Security Engineer, I think I will manage my own private keys.
You absolutely can, but what is safe? A safety deposit box is the only truly safe place I can think of. Maybe you keep it in your safe at home? But then you move, like my father did, and his truck burst into flames on the side of the highway and he lost all his personal belongings. You have to assume that that laminated piece of paper would have been one of the things lost in the fire had he been a bitcoin guy. If you tell me to make a fireproof, private key, you're missing the point. All I'm saying is, I move every 2 years or so, and it scares me thinking to think that I need to be responsible for any single piece of property. With the exception of a ring (which recently broke, is sitting in a drawer at my mothers house, and currently at risk of being "tossed out") and a guitar, I don't have anything that is more than 10 years old. Things get lost. Things get out dated. Mothers throw things out. Especially tiny pieces of paper with 64 random digits on it.
Multisig laminated paper wallets solve all these concerns. Or a hardware wallet with BIP 32 backed up in several locations(not as secure as using multisig but very secure).
One of the most secure methods of cold storage is to take create a multisig 2 of 3 paper wallet (This makes it easy- https://mycelium.com/entropy), add one of the keys to an encrypted password manager and destroy the physical representation, laminate the remaining 2 keys or engrave them on steel and hide one in your home or place in your fireproof safe, and the last key can be laminated and placed in an offsite relatives home, bank safety deposit box, or time capsule. This allows for an extremely high level of security and protection against user error or mistakes with a fairly easy way of retrieving your assets within a couple minutes if needed.
The average user can simply use a hardware wallet and backup it with BIP 32 and place that in a safe. People with larger savings that aren't technical can always hire a professional security consultant.
I just cannot see why people cannot just print out a paper wallet and laminate and store it in a safe place? This takes 10 minutes.
I still choose to have this freedom and control over my own financial destiny.
You've only got to look at the last bailouts (eg. Iceland, UK, US) to know that storing fiat in a bank is not without risk. You may be 'protected' up to a certain amount but you still have to put a lot of trust into these centralized institutions.
I completely trust myself to look after my private keys, if anything thing happens to them it's my fault and noone elses. Zero red tape and zero regulation, if I lose them I don't expect to be bailed out by other peoples taxes.
I completely trust myself to look after my private keys, if anything thing happens to them it's my fault and noone elses. Zero red tape and zero regulation, if I lose them I don't expect to be bailed out by other peoples taxes.
The security is the major issues of Bitcoin usage, just heard coinapult hot wallet got hacked and lost 150BTC, so if you own a great amount of Bicoin, you'd better hiring professional Bitcoiner to manage your private key.
Hot wallet hacks will continue. It happened to bitstamp, it happened to Coinapult, and could happen to anyone, even with the best security experts. 150BTC is extremely minor, just like how Bitstamps hack was considered minor by them (they absorbed the damage, and no one lost a cent). Do you realize how much Visa/Mastercard lose to fraud on a daily basis? A good company will factor this into operational costs.
I think what draws the borderline here between banks and bitcoin vaults is mainly the regulations and the systems. Regulations because even though banks basically have their own way, they are still tied up to some form of control by governments. That depends on countries to countries. And plus, central banks can sometimes bail the same banks out to avoid total catastrophe. Bitcoins don't have that for sure. And on the systems, banks also have auditors to determine their stability and ratings so that's also another difference.
I do not trust myself when I have had a few beers ^Hic^
There are a few scenario's where I would rather have someone else have my private keys ^Smile^
For the people with [Alzheimer light] like my Grandmother ^Heh^
There are a few scenario's where I would rather have someone else have my private keys ^Smile^
For the people with [Alzheimer light] like my Grandmother ^Heh^
of course i am trust myself
private key will always safe by me, because i never share it to anyone else
if i can't trust myself, then nobody will trust me
private key will always safe by me, because i never share it to anyone else
if i can't trust myself, then nobody will trust me
Of course I do , I mean .. who wouldn't ?
I prefer managing my own private keys then giving them to an Online wallet providers to control them . and .. at least least if I lose them I will be responsable for my actions and my mistakes . but if those online Wallet providers gets hacked .. well you can't blame anyone but them .
~ Madness
I prefer managing my own private keys then giving them to an Online wallet providers to control them . and .. at least least if I lose them I will be responsable for my actions and my mistakes . but if those online Wallet providers gets hacked .. well you can't blame anyone but them .
~ Madness
Yes, I trust myself. I suggest that those who don't wear diapers. You never know what may happen.
I do trust myself to manage my own private keys, but I'm aware that I could get hacked or make a fatal mistake and that's why I keep 40% of my Bitcoins in managed wallets by different companies.
Well as long as your nickname is not related to your wallet.dat I guess you're safe...
Seriously, I think it's safer not to put all eggs in one basket indeed, but current 'companies' don't offer security levels anywhere near commercial banks, except *maybe* for companies like Fidor Bank AG, but there are so few aiming at that level...
In the meantime I feel safer owning *all* of my private keys. At this (early) stage, If I die, they'll die with me, and I'm ok with that. I only have a few coins right now so it's no big deal, when I had much more one year ago, I used to keep most of them in a cold (paper) wallet, and the only copy of the private key was kept in a separate physical location by a friend that I could trust 100%.
I currently have a Ledger Wallet, and I'm storing all my bitcoins there (not many, but yes). If they are to be trusted, then my private keys are unhackable, and if I ever lose it or forget my PIN, then I have my recovery 24-word seed.
IF you can't trust yourself to keep a hold of your own money safely then maybe bitcoin isn't for you.
Right now. But if we plan Bitcoin to be a world currency, we need to have apps and services that are easy and secure to use for everyone. (and yes, some of them will need trust)
I do trust myself to manage my own private keys, but I'm aware that I could get hacked or make a fatal mistake and that's why I keep 40% of my Bitcoins in managed wallets by different companies.
If you're managing all your bitcoins on your own you have a single point of failure.
If you're managing all your bitcoins on your own you have a single point of failure.
IF you can't trust yourself to keep a hold of your own money safely then maybe bitcoin isn't for you. I'd also be very weary of what external sites you use because when you do you are putting your faith and trust in them 100%. If you're not willing to do this I would suggest not using these sites and look for other or decentralized options.
I just cannot see why people cannot just print out a paper wallet and laminate and store it in a safe place? This takes 10 minutes.
It takes you 10 minutes, but ask my mother set up a paper wallet, and she will be lost. Truth is, paper wallets are not as easy to use for the common people.
I only trust myself to control my private key. you can't give your coins to others to save it. The regular is not maturity at this moment.
yes i trust my self more then the site!
for example i hate coinbase because they wont give me my private key and there is no way to get it
but i love blockchain.info because from them i can get easy my private key!!
for example i hate coinbase because they wont give me my private key and there is no way to get it
but i love blockchain.info because from them i can get easy my private key!!
I don't manage my private keys. I let electrum take care of those and I manage my own secret seed. Only 12 words to remember or to keep safe. An easy task for most bitcoiners.
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